The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on the impact of Brexit on the Deposit Guarantee Schemes Directive, see Practice Note: Preparing for Brexit: Deposit Guarantee Schemes—quick guide.
The Deposit Guarantee Schemes Directive (DGSD), Directive (EC) 94/19 (amended by Directive (EC) 2009/14), is one of two existing EU guarantee scheme directives. The other, the Investor Compensation Schemes Directive (ICSD) is discussed in Practice Note Investor Compensation Schemes Directive. The DGSD has since been recast by the recast Deposit Guarantee Schemes Directive (2014/49/EU) (recast DGSD), which will replace the original DGSD and requires laws, regulations and administrative provisions necessary to comply with most of the recast DGSD’s provisions by 3 July 2015. The recast DGSD will affect the provisions described in this Practice Note. The DGSD requires Member States to establish a deposit guarantee scheme to protect depositors and improve financial stability by controlling the risk of a run on the bank through the implementation of deposit guarantee schemes (DSG). DSGs reimburse a limited amount of deposits to depositors
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